Data Management becoming the norm – but challenges remain
As marketers fight to keep on top of their data a new survey shows that more than two-thirds (68%) of European brands, agencies and publishers now use a data management platform (DMP) to look after their data – a number that’s set to increase to 92% by 2018.
The study, by ExchangeWire and Weborama, showed that five years after their introduction they have become a digital marketing staple. More than three quarters (76%) of publishers and 75% of trading desks already use DMPs to create new revenue streams from data.
However the research also showed that many marketers are missing out on the full potential of such systems with the tendancy to view it as a plug and play solution holding back its potential. Nearly half (48%) said that disparate data sets were challenges to the implementation of their DMP. This was followed by siloed teams for 46% and a lack of in-house skills for 41%. 45% admitted that a lack of knowledge was a barrier to adoption.
However once marketers had taken the plunge the study showed that they quickly realised its benefits – and pushed DMP providers to do more. It showed that the UK was the most advanced in the adoption of DMP but said that insufficient data insights was one of their biggest frustrations with the technology.
However overall users were pleased with the benefits of their DMPs. Nearly a quarter (24%) said they were very satisfied and nearly two-thirds (65%) were satisfied. More than half (55%) said that they had calculated positive ROI from their DMP. However nearly a third (29%) said that it was too early to assess ROI.
Mathieu Roche, global business development director at Weborama, said that businesses had to ensure they chose and customised DMPs to suit them and their requirements. “DMPs offer a way to break down the walled gardens imposed by some large online advertising platforms and enhance data-driven efforts. Yet it is vital for brands, publishers and agencies to ensure they have the right knowledge and systems in place for their DMP to realise its full potential,” he said.
Julian Brewer, head of TSB digital commerce, echoed the changing requirements too. “We’ve used a DMP for a number of years and learning through doing has certainly changed our view of how we use it and what we want and don’t want from a DMP platform. We’re currently exploring our requirements from a second generation DMP and looking back our our initial demands – they are markedly different.”
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